How do I know if 2013 is the right year to sell my company?

Timing the market perfectly is almost impossible. Preparation is the key. A properly prepared business will sell at a premium in any market.

If you have lost enthusiasm for the business, it may be time. But consider this: 75% of business owners regret selling their business one year from the sale. This is usually not for financial reasons. Exiting is not the end; it's the beginning of your next life. Plan for what you are going to do after the exit and make sure you have discussed the plan with trusted advisers, family and friends.

Financially, will the net proceeds from the sale get you what you need to be financially secure? Focus is on need, not want. Other focus is on net proceeds versus gross proceeds. Make sure you have considered and planned for the taxable impact. How are you planning to invest the net proceeds?

There are many ways to exit a business. These include sales to strategic buyers, private equity, employees, management, partners and, most importantly, family. Have you examined the pros and cons of each option? Make sure your business is prepared to transition, meaning it will be viewed as attractive from a buyer's point of view, not yours, and that you have maximized its value so you don't regret leaving money on the table or end up transitioning a poorly prepared business to a family member.

If you are prepared, 2013 may be your year. If you are not, perhaps you should take the next year or two to get prepared and target 2014 or 2015.

Christopher M. Snider is a certified exit planning adviser. He is the founder/president of Aspire Management and founder/president of the Northeast Ohio Exit Planning Institute, both in the Cleveland area.